Unangst v. Roe

On September 12, 1911, the firm of Van Schaiek & Co., stock brokers, were compelled to make a general assignment. The defendant Roe had left with that firm a large amount of corporate securities and these securities Avere pledged, together with securities belonging to customers of the firm, with various banking institutions as collateral for loans. After the assignment by Van Schaiek & Co. these banking institutions resorted to the pledged collateral to obtain payment of their loans. The defendant Roe claimed that he had a position superior to the OAvners of other securities pledged with his…